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Forum » House Prices to Drop 30-50% next year.
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Thread: House Prices to Drop 30-50% next year.

post 1688452623 08-16-2023, 08:40 AM
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#301
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Originally Posted By Destor⏩
Time in the market is better than trying to time the market
Anybody who purchased in 2022 with high prices after rates had already gone up is likely underwater by 10%+ already.
post 1688452643 08-16-2023, 08:40 AM
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#302
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visiting this thread in 2023, wow OP, good call, next time I play the lotto, you need to pick my numbers
post 1688453023 08-16-2023, 08:46 AM
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Originally Posted By Retoaded⏩
Still going up here because there is nothing for sale. People not giving up their 3% mortgage rates.

I just bought a house because my situation was unique and I have 2 houses to sale. Sold the first one for a record price in the neighborhood, about to list a much bigger one and gonna try to do the same again lol.
Das it mane. This is the LandLordmethodology.
post 1688454063 08-16-2023, 09:12 AM
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Originally Posted By Retoaded⏩
Still going up here because there is nothing for sale. People not giving up their 3% mortgage rates.

I just bought a house because my situation was unique and I have 2 houses to sale. Sold the first one for a record price in the neighborhood, about to list a much bigger one and gonna try to do the same again lol.
I dont understand how people with low % rates not selling has anything to do with housing availability.

Wouldn't they need to buy another house? You're just trading one for another right?
post 1688454363 08-16-2023, 09:16 AM
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Originally Posted By redliner9⏩
I dont understand how people with low % rates not selling has anything to do with housing availability.

Wouldn't they need to buy another house?You're just trading one for another right?
You don't get to trade rates though.
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post 1688454583 08-16-2023, 09:21 AM
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Originally Posted By ajdahlheimer⏩
You don't get to trade rates though.
Right but i keep seeing ppl say the shortages are caused be ppl not selling their homes.

I dont see the logic in saying it causes less availability if they would have to turn around and buy another
post 1688455353 08-16-2023, 09:34 AM
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#307
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Originally Posted By redliner9⏩
Right but i keep seeing ppl say the shortages are caused be ppl not selling their homes.

I dont see the logic in saying it causes less availability if they would have to turn around and buy another
The population is growing bro its not a zero sum situation. The population where I Iive is not only growing organically but people are moving into my area from other areas in the country.
post 1688455723 08-16-2023, 09:41 AM
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#308
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Originally Posted By redliner9⏩
Right but i keep seeing ppl say the shortages are caused be ppl not selling their homes.

I dont see the logic in saying it causes less availability if they would have to turn around and buy another
Some folks own multiple homes, and are happy to rent them out and keep them as investments until they decide it is the optimal time to sell them.

I know folks with dozens of apartments/investment properties. They are among the first to buy in dips/crashes, well before folks trying to scrounge together to buy their first home can make it happen.

So 'demand' is not simply 'folks trying to buy a home'. Property remains a classic investment strategy.
post 1689191623 08-29-2023, 11:29 PM
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#309
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Originally Posted By LogicalLifts⏩
Some folks own multiple homes, and are happy to rent them out and keep them as investments until they decide it is the optimal time to sell them.

I know folks with dozens of apartments/investment properties. They are among the first to buy in dips/crashes, well before folks trying to scrounge together to buy their first home can make it happen.

So 'demand' is not simply 'folks trying to buy a home'. Property remains a classic investment strategy.
^^^ yep

As long as you’re not over-leveraged you can just hold on to the properties and unload them when the market is red-hot, and stock back up again when demand is weak
post 1689192173 08-29-2023, 11:47 PM
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#310
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Just imagine being one of those who read this thread back in 2021 when interest rates were just over 2% and plenty of nice homes under 300K and deciding "no, I'm just going to renew my lease and wait for the prices to drop" and then revisiting this thread now. Must feel like you threw away a winning lottery ticket.
post 1689193023 08-30-2023, 12:16 AM
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#311
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Originally Posted By Jasonw1178⏩
Just imagine being one of those who read this thread back in 2021 when interest rates were just over 2% and plenty of nice homes under 300K and deciding "no, I'm just going to renew my lease and wait for the prices to drop" and then revisiting this thread now. Must feel like you threw away a winning lottery ticket.
Nah. In 2021 housing prices were rapidly rising, but were still way up from previous years. The high interest rates will cause prices to crash. The prices will likely be close to the 2008 housing market crash, possibly even lower, and will take at least 40 months to recover.
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post 1689193143 08-30-2023, 12:20 AM
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Originally Posted By Jasonw1178⏩
Just imagine being one of those who read this thread back in 2021 when interest rates were just over 2% and plenty of nice homes under 300K and deciding "no, I'm just going to renew my lease and wait for the prices to drop" and then revisiting this thread now. Must feel like you threw away a winning lottery ticket.
Lol.

Just watch and see.

Tour is over VERY soon in Canada.
post 1689193263 08-30-2023, 12:26 AM
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House prices dropping will not happen

If people continue to avoid going into building trades
Government red tape exists
Mass immigration continues
Plant the trees in whose shade your grandchildren will play
post 1689194273 08-30-2023, 01:16 AM
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#314
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Originally Posted By Jasonw1178⏩
Just imagine being one of those who read this thread back in 2021 when interest rates were just over 2% and plenty of nice homes under 300K and deciding "no, I'm just going to renew my lease and wait for the prices to drop" and then revisiting this thread now. Must feel like you threw away a winning lottery ticket.
Renting, scratchers and car payments

Aka idiot taxes
post 1689194303 08-30-2023, 01:18 AM
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Originally Posted By moosik85⏩
House prices dropping will not happen

If people continue to avoid going into building trades
Government red tape exists
Mass immigration continues
This. I had a coworker who tried to roast me on buying a house, saying that I overpaid, should have waited for the prices to come down and for the banks to lower interest rates. I look now and I'm already up 60k and interest rates are crazy ATM. There is no perfect time, if you have the means to invest, don't wait, the market is wildly unpredictable and the "experts" are all full of sh!t. (Ded fkn Srs)
post 1689194313 08-30-2023, 01:18 AM
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You got scammedd.... agian
post 1689195133 08-30-2023, 02:15 AM
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Nice sources pudding head.
Not in the AM
post 1689195743 08-30-2023, 03:00 AM
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I’m considering putting my house on the market at $850k (purchased at $390k). Lowest I’d take is $800k. If I did this and then took the profits and rolled it into 2 properties or a triplex of apartments I think it may be a good play. I’m very close to the ocean and a big city though and doubt I’ll be able to lock in another house even close to meeting all of my wants and needs.
post 1689198383 08-30-2023, 05:01 AM
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Date: 07-08-2021
Originally Posted By chaunce54⏩
I think a lot of people are underestimating how many foreclosures/evictions there are going to be next month and beyond when the moratoriums are lifted...
post 1689198873 08-30-2023, 05:14 AM
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Lmao, rentcucks when will they learn?
post 1689199263 08-30-2023, 05:26 AM
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OP was wrong on his timing, but he’s not wrong about the amount. I’ve already seen it in the higher end of the market compared to 2021.
post 1689199493 08-30-2023, 05:33 AM
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Vegascel here, can confirm the market is still brutal for a first time buyer. Henderson has a 450k median house price, interest rates were about 7.5%~ last I checked for a 30 year fixed mortgage. I'll have enough money for a down payment next year, but damn if it wasn't for my pay increase moving to a new company, I'd be screwed.
post 1689199503 08-30-2023, 05:33 AM
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Home prices rose for fifth straight month in June
US home prices rise again in June despite high mortgage rates

https://www.foxbusiness.com/economy/...ght-month-june
post 1689200183 08-30-2023, 05:56 AM
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Power of sale (ie banks selling properties because people can't make payments) in Ontario went from 22 listings in 2022 to 105 in February 2023. Currently there are 471 listed. Of course, these aren't counted towards stats because they are forced sales. Most of them are around the GTA.

I'm willing to bet that number is going to at least double again if not triple by this time in 2024.
post 1689200363 08-30-2023, 06:01 AM
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At this point, only a major recession will impact home prices it seems. You have to think that many folks who bought in the last year are leveraged to the hilt and if unemployment goes up significantly they won't be able to stay in the house.

Sucks that the only way houses will be affordable again is if tons of people lose their jobs.
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post 1689200373 08-30-2023, 06:02 AM
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#326
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Originally Posted By Anachron⏩
You've seen 50% drop in prices?

Where?
I've seen 30% on some houses $1M+. Obviously these drops aren't as pronounced at the bottom end. but that's because Starter Homes are a different market.

But for people who have the ability to pick and choose(wealthy people), they're paying 30% less for properties now than in 21-22.
post 1689200483 08-30-2023, 06:06 AM
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Originally Posted By Anachron⏩
So no 50% discounts?

Got it. I guess OP is wrong about the amount after all.
Considering that rates will stay high for another 6 months at least, we'll get there.
post 1689216583 08-30-2023, 11:24 AM
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post 1689223873 08-30-2023, 01:21 PM
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Originally Posted By WoofieNugget⏩
Power of sale (ie banks selling properties because people can't make payments) in Ontario went from 22 listings in 2022 to 105 in February 2023. Currently there are 471 listed. Of course, these aren't counted towards stats because they are forced sales. Most of them are around the GTA.

I'm willing to bet that number is going to at least double again if not triple by this time in 2024.
And? Will it lower home prices?
post 1689224743 08-30-2023, 01:32 PM
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Originally Posted By Anachron⏩
I hope so, because I am ready to buy some properties if that happens. Even a 30% drop, which I haven't seen, does not look appealing at this point.
where are these 30% drops, people need to post links and proof ffs. misc goin to chit, smh
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